Key features
Seeks higher-quality small-cap companies with scalable business models that allow for sustained growth
Durable businesses with improving competitive positioning
Emphasis on fundamental, active stock selection driving risk and return
Daily pricing
as of
07/16/2026
NAV 1-day net change
-0.11
Total net assets
as of
06/30/2026
All share classes
$1.2 billion
Overview
| Fund identifiers |
| NASDAQ |
IYSIX |
| CUSIP |
466001872 |
Benchmark and peer group
Portfolio
Market cap (median) Source: FactSet
$5.1 billion
Market cap (weighted average) Source: FactSet
$6.4 billion
Portfolio turnover (last fiscal year)
62%
International equities & depositary receipts
1.9%
Cash, cash equivalents and other assets
1.0%
Top 10 holdings
as of 06/30/2026
Holdings are as of the date indicated and subject to change.
List may exclude cash and cash equivalents. Please see the Fund's complete list of holdings for more information.
Holdings based by issuer.
MIRUM PHARMACEUTICALS INC
2.35
DIGITALOCEAN HOLDINGS INC
2.18
ADAPTIVE BIOTECHNOLOGIES CORP
1.99
ADVANCED ENERGY INDUSTRIES INC
1.97
ENCOMPASS HEALTH CORP
1.96
Total % Portfolio in Top 10 holdings - 20.81%
Sector allocation
as of 06/30/2026
List may exclude cash, cash equivalents, and exchange-traded funds (ETFs) that are used for cash management purposes. Please see the Fund’s complete list of holdings for more information.
Information technology
23.8%
Consumer discretionary
7.6%
Communication services
2.2%
Distribution history - annual distributions (Institutional Class)1,2
Distributions ($ per share)
1If a Fund makes a distribution from any source other than net income, it is required to
provide shareholders with a notice disclosing the source of such distribution (each a "Notice"). The
amounts and sources of distributions reported above and in each Notice are only estimates and are not
provided for tax reporting purposes. Each Fund will send each shareholder a Form 1099 DIV for the
calendar year that will provide definitive information on how to report the Fund's distributions for
federal income tax purposes. The information in the table above will not be updated to reflect any
subsequent recharacterization of dividends and distributions. Click here to see recent
Notices pertaining to the Fund (if any).
2Information on return of capital distributions (if any) is only provided from June 1, 2014 onward.
3Includes both short- and long-term capital gains.
Management
Nathan Brown, CFA
-
Senior Portfolio Manager
-
Start date on the Fund:
April 2026
-
Years of industry experience:
27
-
Read bio
Nathan Brown
Senior Portfolio Manager
Nathan is a Senior Portfolio Manager and Team Lead for the US Small Cap Growth Equity Team at Nomura Asset Management International, roles that he assumed officially in June 2026. In this role, he is responsible for making day-to-day investment decisions for the team’s strategy. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. Additionally, Nathan heads Nomura’s Kansas City office.
Previously, Nathan was the Director of Research supporting the investment teams in Kansas City, a role he first assumed in 2024 with Macquarie Asset Management. Prior to that, he was a Senior Portfolio Manager for the US Mid Cap Equities Team at Macquarie Asset Management. He joined Ivy Investments (which was acquired by Macquarie in 2021) as an Investment Analyst in 2003 and was appointed Assistant Portfolio Manager in 2011 and Portfolio Manager in 2014.
Nathan earned a Bachelor of Business Administration in finance (Honors) from the University of Iowa and a Master of Business Administration with an emphasis in finance and accounting from Vanderbilt University. Nathan holds the Chartered Financial Analyst designation.
Kenneth McQuade
-
Senior Portfolio Manager
-
Start date on the Fund:
October 2016
-
Years of industry experience:
31
-
Read bio
Kenneth McQuade
Senior Portfolio Manager
Ken is a Senior Portfolio Manager for the US Small Cap Growth Equity Team at Nomura Asset Management International, where he is responsible for making day-to-day investment decisions for the team’s strategy. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025.
Previously, Ken held the same role at Macquarie Asset Management and, before that, at Ivy Investments (which was acquired by Macquarie in 2021). Ken joined Ivy Investments as an Investment Analyst in 1997 and was appointed Assistant Portfolio Manager in 2003 and Portfolio Manager in 2006.
Ken earned a Bachelor of Science in finance from Bradley University.
Joshua Brown
-
Portfolio Manager, Senior Equity Analyst
-
Start date on the Fund:
January 2024
-
Years of industry experience:
23
-
Read bio
Joshua Brown
Portfolio Manager, Senior Equity Analyst
Josh is a Portfolio Manager for the US Small Cap Growth Equity Team at Nomura Asset Management International, a role he first assumed in January 2024 with Macquarie Asset Management. He joined Nomura Asset Management as part of Nomura’s acquisition of Macquarie Asset Management’s US and European public investments business in 2025. He is responsible for making day-to-day investment decisions for the team’s strategy. The team manages all small-cap growth products for the firm. He is also a smid-cap generalist analyst, covering sectors and companies with market caps below $10 billion.
He has more than 15 years of industry experience covering equities. Previously, he was a Senior Equity Analyst at Ivy Investments (which was acquired by Macquarie in 2021), covering transportation, automotive technology, insurance, metals & mining, chemicals, and leisure products. Josh joined Ivy Investments as an Equity Analyst. He started his analyst career as an investment intern for Ivy Investments, covering oil and gas master limited partnerships. Prior to that, he spent five years as a Financial Advisor for Citigroup Smith Barney.
Josh earned a Bachelor of Science in finance from the University of Kansas and a Master of Business Administration with a concentration in investment management from the University of Texas at Austin.
Fees
The table below describes the fees and expenses that you may pay if you buy, hold, and sell
shares of the Fund.
You may pay other fees, such as brokerage commissions and other fees
to financial intermediaries, which are not reflected in the table below. You may
qualify for sales-charge discounts if you and your family invest, or agree to invest in the
future, at least $50,000 in Nomura Funds. More information about these and other
discounts is available from your financial intermediary, in the Fund’s Prospectus under the
section entitled “About your account,” and in the Fund’s statement of additional information
(SAI) under the section entitled “Purchasing Shares.”
| Shareholder fees |
| Maximum sales charge (load) imposed on purchases as a percentage of offering price |
none |
| Maximum contingent deferred sales charge (load) as a percentage of original purchase price or redemption price, whichever is lower |
none |
| Annual fund operating expenses |
| Management fees |
0.85% |
| Distribution and service (12b-1) fees |
none |
| Other expenses |
0.19% |
| Total annual fund operating expenses |
1.04% |
| Fee waivers and expense
reimbursements1 |
(0.16%) |
| Total annual fund operating expenses after fee
waivers and expense reimbursements |
0.88% |
1Net expense ratio reflects a contractual waiver of certain fees
and/or expense reimbursements from July 31, 2025 through July 30, 2026. Please see the fee table in
the Fund's prospectus for more information.
Institutional Class shares are available only to certain investors.
Please see the prospectus and SAI for additional information.
Resources
Fact sheet and commentaries
Shareholder report – Annual
Shareholder report – Semi-annual